i should elaborate on my keenness to see this edit.
i haven't followed any discussions about this @ OT.com, and it wouldn't surprise me if others have already expressed a similar view.
methinks the reason such a fanedit would work so well is that it salvages the prequels in the only satisfying way possible: as flashback snippets. IMVHO, the prequels are so poop-ridden that even the most deft cuts leave movies unworthy of episodes 4 & 5. hack the prequels down to 50-minutes each, and they'll still be flawed. but as evocative, momentary flashbacks within the context of the original trilogy, shards of the prequels work nicely, at least on the preview.